Globalization in the banking industry is driving the need for a global inter-operative payments engine that enables global banks to compete more effectively. Automation and standardization are essential for effective management of domestic and worldwide regulatory requirements, and reliable liquidity and risk management.
Payment Engines may involve a single-payment operations platform that connects to multiple internal and external payment channels. Features include components to verify, sort, and clear payment transactions. Payment Engines provide high straight-through processing rates, batch processing, and real-time processing, as well as 24×7 reporting. Traditional payment engines can handle low-value, non-time-critical payments as well as high-value, time-critical payments.
Significant opportunities exist to consolidate platforms to build a true global payment engine to serve the future payments landscape within a financial institution.
These and other drawbacks currently exist.